latest drill results from its joint venture project with operator B2Gold in Finland showed new areas of gold mineralization, reported PI Financial analyst Phil Ker in an August 21 research note.
"Drilling continues to demonstrate the unexplored nature across the property while positive success to date has led the JV to approve an increase to the 2023 exploration program to potentially expand on known zones of mineralization," Ker wrote.
Following the announcement of these positive results, PI reiterated its Buy rating and CA$1.10 per share target price on Aurion. The Canadian explorer's current share price, in comparison, is CA$0.55.
The difference between these two prices implies a significant potential return for investors in Aurion of 100%.
"We continue to see value being added through the drill bit as Aurion and their joint venture partnership continue their exploration efforts in Finland," Ker commented.
The new discovery of gold mineralization at the Aurania-B2Gold Joint Venture was in the Vuoma area, 2.7 kilometers south of Helmi. With it, the joint venture partners "continue to demonstrate the potential across the property," wrote Ker.
The highlight result from Vuoma was 1.33 grams per ton (1.33 g/t) gold over 8.3 meters (8.3m) from hole VUO23007.
"The new discovery at Vuoma has been identified as being strongly deformed and altered host rock within a volcanic and sedimentary contact boundary which is similar throughout the district," noted Ker.
As for the Helmi discovery, a new standout intercept hit there was 1.21 g/t gold over 9.2m from hole IKK23045.
Outside the Test Pit
The drill bit also intersected new zones of gold mineralization at Kutuvuoma, outside the current test pit area, Ker reported. For instance, intercepts from there included 1.43 g/t gold over 10.45m from hole KU23011.
Drill Campaign Update
So far this year, about 8,200m were drilled at the joint venture project, testing targets identified via geophysical sampling and surveys.
Another 4,500m of drilling is planned for H2/23.
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- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for PI Financial, Aurion Resources, August 21, 2023
Analyst Certification I, Phil Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.
1. The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a financial interest in, or exercises investment discretion or control over, securities issued by the following companies.
2. PI Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12- month period.
3. PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.
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